Want to see JP:3904 full AI Analyst Report?
Top Page
KAYAC, Inc.
(3904)
Select Model
Select Model
Rating:59Neutral
Price Target:
¥432.00
▲(0.93% Upside)
Action:Reiterated
Date:08/06/26
The score is driven primarily by improving fundamentals in 2025 (revenue and margin recovery, gross margin strength) but held back by uneven cash-flow conversion and less conservative leverage versus 2023. Technicals are neutral-to-slightly positive but capped by the stock trading below the 200-day average. Valuation is reasonable (P/E ~14) with only a modest dividend yield.
Positive Factors
Revenue Recovery
The return to double-digit revenue growth indicates that KAYAC can restore demand after a weaker period. Sustained growth would improve operating leverage and support broader monetization across its digital services and gaming-related offerings.
Negative Factors
Profitability Below Historical Peaks
The recovery in earnings is encouraging, but margins remain materially below prior strengths. This indicates that profitability is still sensitive to cost pressure or business mix, limiting the durability of earnings until operating margins normalize.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Recovery
The return to double-digit revenue growth indicates that KAYAC can restore demand after a weaker period. Sustained growth would improve operating leverage and support broader monetization across its digital services and gaming-related offerings.
Read all positive factors
KAYAC, Inc. (3904) vs. iShares MSCI Japan ETF (EWJ)
Market Cap
¥6.81B
Dividend Yield0.93%
Average Volume (3M)16.83K
Price to Earnings (P/E)12.2
Beta (1Y)0.55
Revenue Growth20.33%
EPS Growth15.26%
CountryJP
Employees618
SectorCommunication Services
Sector Strength97
IndustryElectronic Gaming & Multimedia
Share Statistics
EPS (TTM)34.32
Shares Outstanding16,108,800
10 Day Avg. Volume8,590
30 Day Avg. Volume16,826
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.39
Price to Sales (P/S)0.40
P/FCF Ratio15.74
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
KAYAC, Inc. Business Overview & Revenue Model
Company Description
KAYAC Inc. is a Japanese company primarily focused on the gaming industry. It manages various platforms, including Lobi, a community for gamers, and Tonamel, a system that assists organizers with managing tournaments. The company also supports esp...
How the Company Makes Money
null...
KAYAC, Inc. Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
63
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 21.48B | 20.09B | 16.73B | 17.47B | 16.50B | 12.57B |
| Gross Profit | 11.34B | 10.91B | 9.03B | 9.23B | 7.92B | 5.93B |
| EBITDA | 1.55B | 1.42B | 706.92M | 1.37B | 1.46B | 1.36B |
| Net Income | 540.39M | 683.92M | 149.05M | 511.18M | 779.84M | 828.84M |
Balance Sheet | ||||||
| Total Assets | 13.56B | 13.56B | 12.88B | 11.68B | 10.98B | 7.85B |
| Cash, Cash Equivalents and Short-Term Investments | 6.58B | 5.66B | 4.96B | 5.00B | 4.26B | 2.46B |
| Total Debt | 2.68B | 3.23B | 3.27B | 2.12B | 2.34B | 2.30B |
| Total Liabilities | 7.12B | 7.26B | 6.85B | 5.75B | 5.64B | 4.26B |
| Stockholders Equity | 5.93B | 5.80B | 5.56B | 5.46B | 4.86B | 3.31B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | 511.52M | -383.94M | 977.46M | 1.51B | 383.54M |
| Operating Cash Flow | 0.00 | 1.04B | -219.66M | 1.12B | 1.77B | 489.66M |
| Investing Cash Flow | 0.00 | 99.28M | -949.59M | -351.90M | -691.48M | 13.41M |
| Financing Cash Flow | 0.00 | -588.14M | 926.49M | -37.96M | 713.82M | -572.15M |
KAYAC, Inc. Technical Analysis
Neutral
428.00
Price Trends
418.98
Positive
413.86
Positive
454.05
Negative
Market Momentum
2.46
Positive
47.68
Neutral
25.98
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For JP:3904, the sentiment is Neutral. The current price of 428 is below the 20-day moving average (MA) of 429.00, above the 50-day MA of 418.98, and below the 200-day MA of 454.05, indicating a neutral trend. The MACD of 2.46 indicates Positive momentum. The RSI at 47.68 is Neutral, neither overbought nor oversold. The STOCH value of 25.98 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for JP:3904.
KAYAC, Inc. Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | ¥7.33B | 15.49 | 17.78% | 4.33% | 2.92% | -28.21% | |
69 Neutral | ¥4.93B | 14.95 | ― | 3.88% | 5.77% | 41.35% | |
68 Neutral | ¥14.96B | 6.20 | ― | 1.00% | 16.24% | ― | |
61 Neutral | ¥8.13B | 12.59 | ― | 0.51% | -23.76% | -54.87% | |
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
59 Neutral | ¥6.81B | 12.24 | ― | 0.93% | 20.33% | 15.26% | |
50 Neutral | ¥15.86B | -34.86 | ― | ― | -1.75% | -617.20% |
* Communication Services Sector Average
JP:3904
KAYAC, Inc.
420.00
-44.44
-9.57%
JP:3912
Mobile Factory
1,131.00
176.00
18.43%
JP:3793
Drecom Co., Ltd.
502.00
26.00
5.46%
JP:3911
Aiming, Inc.
173.00
-95.00
-35.45%
JP:4175
coly Inc.
2,820.00
884.00
45.66%
JP:4728
Tose Co., Ltd.
644.00
-14.12
-2.15%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.